The Central Bank of the UAE and the Central Bank of Egypt on Tuesday, September 29, 2026, renewed their currency swap agreement between the UAE dirham and the Egyptian pound, with a nominal value of 5 billion UAE dirhams, equivalent to 69 billion Egyptian pounds, for five years.
Agreement signed in Abu Dhabi
The agreement was signed by Khaled Mohamed Balama, governor of the Central Bank of the UAE, and Hassan Abdalla, governor of the Central Bank of Egypt, during a ceremony held at the UAE central bank's headquarters.
Supporting settlements in local currencies
Balama said renewing the agreement would strengthen financial and banking cooperation between the UAE and Egypt, contribute to financial stability and facilitate trade and investment activity, while further expanding the use of local currencies in bilateral settlements.
The agreement provides an important tool for promoting the use of local currencies in trade and financial settlements, enhancing the flexibility of the two countries' financial markets.
Abdalla said renewing the agreement builds on the two countries' financial and economic cooperation and supports broader collaboration in financing, investment and economic development plans.
Previous swap agreement
The two central banks signed a bilateral currency swap agreement on September 28, 2023, with a nominal value of up to 5 billion UAE dirhams and 42 billion Egyptian pounds.
